Spain AND THE REST OF THE CHRISTIAN COUNTRIES are about as close to recovery as a the most drowned of drowned rats. Germany's relatively low growth number will probably beg the question of it sustaining its internal budget commitments & its real problem is the low demand from its ring fenced client base know as the EU/EZ at least for the foreseeable future. France & Italy second & third economies by size of the EZ & stuck within the currency have lost one solution to their problems the use of an independent currency.....so the slide continues. To make matters even worse Chinese demand slow...The UK is the first economy to resemeble the economies of 2007 ... do you remember spiralling house prices... high consumer debt? ...Sound familiar...Have a go at Spain and the Eurozone economies if you like but the reality is it's still the UK's bigggest market even if readers of this paper don't want to hear it, .....look it up ...UK manufacturing down in August because the Eurozone itself is down. The idea that the UK will be sole European supplier to India and China is just a fantasy anyway, and all that stuff about the Commonwealth ha ha ha..... . The best thing you can do is hope the Eurozone does better and that the rats don't drown....The idea that Spain is the latest poster child of Euro austerity working its magic, is risible. Has it moved the 1million unsold properties onto the side of the balance sheet marked 'items it is best to forget about'? Are the thousands last count 30,000 this year alone (though how any one knows the number puzzles me) of Spanish youths coming to the UK to find paying work, an indication that things are going well in Spain, thanks to the Euro? I am also intrigued to know what Germany will do with the Target 2 liability it has built up thanks to the Euro inter country trades. The last time I looked it was standing at €800 billion, but hey what is a few billion between friends? Just ask the Greeks for their unbiased opinion. They have experience of welcoming deep pocket friends round. The last time Angela M dropped by, they placed 7000 armed troops on the streets of Athens to ensure she arrived safely.The Euro, the religion, sorry I mean currency of peace, not very convincing is it? If you have to say it, the chances are the facts deny what you are saying. Best not to look too closely at Ukraine these days. More Baroness Ashton anyone....iN CONCLISION :
The country is dead on its feet.... It may have made a slight recovery from the depths of the recession....
But the banks are still wallowing in a cesspit of bad debt from the housing boom... They are still holding loads of property on the books. The only thing keeping the country afloat is that the banks stuffed their bailouts into the government....
Its not pretty over there High unemployment and bad banks.. The recovery over there is similar to the UK one... It ignores a lot of the rubbish and focuses on the good things... In the UK its property.. In Spain its better exports.
No comments:
Post a Comment